2004 Special Session I

Budget Amendments - SB5001 (Committee Approved)

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VIMS - Faculty Salary Increase

Item 180 #6s

Item 180 #6s

First Year - FY2005 Second Year - FY2006
Education: Higher Education
Virginia Institute of Marine Science FY2005 $92,746 FY2006 $171,224 GF
FY2005 $221,376 FY2006 $408,695 NGF

Page 147, line 30, strike "$17,727,904" and insert "$18,042,026".
Page 147, line 30, strike "$17,371,016" and insert "$17,950,935".
Page 148, line 21, insert:
"E.  Out of this appropriation, $92,746 is provided in the first year and $171,224 is provided in the second year from the general fund for the state share of a three percent salary increase for all faculty, effective November 25, 2004.  In combination with these funds, the University, with approval from its governing board, may use nongeneral fund revenues to support up to an additional 1.5 percent salary increase for teaching and research faculty, effective November 25, 2004.  This additional authority is provided to assist the institution in addressing issues of faculty retention and recruitment and to begin raising average salaries for teaching and research faculty to the 60th percentile of peer institutions by the end of the decade."

(This amendment is self-explanatory.)